BSP

Bia Sài Gòn - Phú Thọ ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 3.46%, +2.05pp YoY

Price

10,500

Latest close

20 May 2026

P/E 10.29x

P/B 0.72x

EPS 1,020

BVPS 14,538

ROE 7.0%

ROA 4.4%

Profit Margin 3.5%

Asset Turnover 1.27x

Equity Mult. 1.59x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, BSP posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — earnings have been recovering gradually over multiple periods. The point still to be proven is whether this new profit level can hold once the low-base effect fades.

	                            
	                                TTM REVENUE
	                            
	                                    VND 369bn
	                                
−6.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 13bn
	                                
+130.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	360.0	393.7	339.0	398.7	391.4
Growth	-9%	+16%	-15%	+2%	—
Net Income	8.7	6.6	5.1	0.7	18.5
Net Margin	2.42%	1.67%	1.50%	0.18%	4.72%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	64.8	94.5	103.6	106.1	55.7	127.1	115.6	95.7	55.2	94.8	97.7	106.7
Growth	-31%	-9%	-2%	+91%	-56%	+10%	+21%	+74%	-42%	-3%	-8%	—
Net Income	-1.7	1.4	7.8	5.3	-5.7	4.0	3.7	3.6	-4.6	1.4	3.5	5.8
Net Margin	-2.57%	1.51%	7.48%	4.95%	-10.29%	3.11%	3.24%	3.72%	-8.38%	1.44%	3.54%	5.48%

Drivers of BSP's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 5.9bn

Administrative expenses ↓ 1.1bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 3.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.9% = 1.4% × 1.28 × 1.64

2026Q1 7.0% = 3.5% × 1.27 × 1.59

ROE rose from 2.9% to 7.0% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 3.5% +2.1pp Asset turnover: 1.27x -0.00x Leverage: 1.59x -0.05x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 3.46%, rising 2.1pp. Core operating signals are improving as Gross margin rose 2.1pp are enough to offset pressure from SG&A / Revenue rose 0.0pp (with additional support from Net financial result / Revenue rose 0.1pp and Other profit / Revenue rose 0.1pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 3.46% +2.1pp

Gross Margin 9.15% +2.1pp

SG&A / Revenue 4.83% +0.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 1.70x −0.06x

Average Invested Capital 216.7bn −6.6bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.74x equity, net debt at 0.16x equity.

Inventory ended the period at 72.3bn, roughly 22.5% of total assets.

Over the last 12 months, working capital released 0.6bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −3.5bn

Inventories increased → lower CFO: −8.9bn

Payables increased → higher CFO: +13.0bn

Working Capital Efficiency

Cash conversion cycle lengthened by 10.6 days versus the same period last year. The main moves came from DIO rose 12.4 days, DSO rose 1.7 days, and DPO rose 3.5 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +10.6 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +1.7 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 4.1 days +1.7 days

Inventory 88.7 days +12.4 days

Payables 13.6 days +3.5 days

Cash Conversion Cycle 79.2 days +10.6 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.16x and interest coverage at 6.63x.

At present, short-term debt accounts for 46.9% of total debt, cash equals 10.4% of debt, and total debt stands at 32.6bn.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 10.4%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.16x −0.05x

Interest Coverage 6.63x +3.27x

Cash / Debt 10.4% −19.9pp

Short-term Debt / Total Debt 46.9% −38.4pp

CFO / NI 2.53x −4.39x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 25.6bn in 2025, against investing cash flow of -12.9bn.

Post-investment cash flow was positive +12.7bn. Financing cash flow was negative +10.6bn.

CFO / net income was 2.53x.

After spending +12.1bn on fixed-asset investment, the business generated trailing free cash flow of +20.2bn.

Cash Conversion

CFO TTM 32.3bn −6.0bn

Cash Capex 12.1bn −23.3bn

FCF TTM +20.2bn +17.2bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 2.1 pp. The next item to monitor is capital efficiency.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.46% after expanding 2.1pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	360.0	393.7	339.0	398.7	391.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	360.0	393.7	339.0	398.7	391.4
Cost of Goods Sold	330.1	364.6	309.2	381.5	0.0
Gross Profit	29.9	29.1	29.8	17.3	38.0
Financial Income	1.1	1.1	1.0	1.6	1.6
Financial Expenses	2.4	2.4	1.9	1.7	-1.4
Interest Expense	2.4	2.4	1.9	1.7	-1.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	1.9	2.0	1.6	1.7	-1.5
General and Administrative Expenses	15.6	17.3	16.6	14.4	-15.2
Operating Profit	11.1	8.5	10.7	1.0	21.5
Other Income	0.2	0.1	0.0	0.0	0.0
Other Expenses	0.2	0.0	3.3	0.0	0.0
Other Profit	0.0	0.0	-3.3	0.0	0.4
Profit Before Tax	11.1	8.5	7.4	1.1	21.9
Current Income Tax Expense	2.4	1.9	2.3	0.3	-3.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	8.7	6.6	5.1	0.7	18.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	8.7	6.6	5.1	0.7	18.5
Earnings per Share	488.00	527.00	407.00	57.00	1,477.00
Diluted EPS	696.31	527.39	406.77	56.99	1,477.04

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	133.9	138.2	167.2	175.6	167.5
I. Cash and cash equivalents	38.5	36.4	56.4	43.7	76.7
1. Cash	2.5	19.3	5.9	9.7	0.0
2. Cash equivalents	36.0	17.1	50.5	34.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	22.8	15.9	22.1	16.3	19.3
1. Short-term trade accounts receivable	17.8	10.3	12.0	2.9	0.0
2. Short-term prepayments to suppliers	4.8	5.6	10.0	13.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.1	0.1	0.1	0.2	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	72.3	85.6	88.0	114.8	70.0
1. Inventories	72.3	85.6	88.0	114.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.4	0.3	0.7	0.8	1.5
1. Short-term prepayments	0.4	0.3	0.7	0.8	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	187.3	193.4	173.0	146.3	164.4
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	142.5	159.9	155.1	132.3	153.0
1. Tangible fixed assets	142.5	159.9	155.1	132.3	153.0
- Cost	614.4	611.6	586.2	546.2	0.0
- Accumulated depreciation	-471.9	-451.8	-431.1	-413.9	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	29.1	15.4	0.4	1.6	1.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	29.1	15.4	0.4	1.6	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	15.7	18.1	17.5	12.4	0.0
1. Long-term prepayments	15.7	18.1	17.5	12.4	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	10.3
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	321.2	331.5	340.3	321.9	331.9
A. LIABILITIES (300=210+330)	136.1	140.5	141.3	120.4	108.3
I. Short -term liabilities	116.9	131.2	130.6	114.6	104.9
1. Short-term trade accounts payable	7.1	8.0	15.9	3.2	7.7
2. Short-term advances from customers	0.1	0.1	0.0	0.0	0.1
3. Taxes and other payables to state authorities	33.0	39.9	32.5	43.7	0.0
4. Payable to employees	1.1	1.1	1.2	2.4	0.0
5. Short-term acrrued expenses	0.5	2.0	1.5	1.3	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	27.0	23.7	19.6	16.3	0.0
10. Short-term borrowings and financial leases	47.2	55.6	58.5	45.3	7.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.9	0.9	1.4	2.4	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	19.1	9.2	10.7	5.8	3.4
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	19.1	9.2	10.7	5.8	3.4
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	185.1	191.1	199.0	201.5	223.6
I. Owner's equity	185.1	191.1	199.0	201.5	0.0
1. Owner's capital	125.0	125.0	125.0	125.0	223.6
- Common stock with voting right	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	23.5	23.5	23.5	23.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	36.6	42.6	50.5	53.0	75.1
- Accumulated retained earning at the end of the previous period	27.9	36.0	45.4	52.3	56.6
- Undistributed earnings in this period	8.7	6.6	5.1	0.7	18.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	321.2	331.5	340.3	321.9	331.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	11.1	8.5	7.4	1.1	21.9
Depreciation of Fixed Assets and Investment Property	20.9	20.6	17.2	39.3	42.4
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.2	-1.1	-1.0	-1.6	0.0
Interest Expense	2.4	2.4	1.9	1.7	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	33.2	30.4	25.6	40.4	64.1
Increase/(Decrease) in Receivables	-9.0	2.5	-9.0	1.1	0.0
Increase/(Decrease) in Inventory	13.3	2.4	26.8	-44.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-7.5	6.6	2.2	-22.5	0.0
Increase/(Decrease) in Prepaid Expenses	2.3	-0.3	-5.1	-1.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.4	-2.4	-2.0	-1.5	0.0
Corporate Income Tax Paid	-2.3	-2.3	-1.9	-1.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.1	-2.4	-2.4	-4.3	0.0
Net Cash Flow from Operating Activities	25.6	34.5	34.3	-33.9	66.7
Payments for Fixed Assets and Other Long-term Assets	-14.0	-38.1	-34.4	-17.1	-12.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.0	1.1	1.1	1.5	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-12.9	-36.9	-33.3	-15.6	-11.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	312.2	316.8	268.6	298.1	209.7
Repayment of Borrowings	-310.6	-321.2	-250.5	-257.6	-301.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-12.1	-13.2	-6.3	-23.9	-19.8
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-10.6	-17.7	11.8	16.5	-111.9
Net Cash Flow During the Period	2.1	-20.1	12.7	-33.0	-7.6
Cash and Cash Equivalents at Beginning of Period	36.4	56.4	43.7	76.7	133.1
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	38.5	36.4	56.4	43.7	76.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	64.8	94.5	103.6	106.1	55.7	127.1	115.6	95.7	55.2	94.8	97.7	106.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	64.8	94.5	103.6	106.1	55.7	127.1	115.6	95.7	55.2	94.8	97.7	106.7
Cost of Goods Sold	63.1	88.9	88.7	94.6	57.9	116.8	105.0	86.6	56.2	87.6	86.9	93.0
Gross Profit	1.7	5.6	14.9	11.5	-2.2	10.4	10.6	9.1	-1.0	7.2	10.9	13.7
Financial Income	0.2	0.4	0.5	0.2	0.0	0.3	0.2	0.2	0.4	0.4	0.4	0.1
Financial Expenses	0.4	0.5	0.7	0.6	0.6	0.5	0.5	0.6	0.8	0.4	0.2	0.4
Interest Expense	0.4	0.5	0.7	0.6	0.6	0.5	0.5	0.6	0.8	0.4	0.2	0.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.3	0.3	0.8	0.7	0.1	0.7	0.6	0.6	0.1	0.8	0.5	0.3
General and Administrative Expenses	2.8	3.2	4.5	5.2	2.7	4.5	5.0	4.6	3.2	4.5	4.9	4.4
Operating Profit	-1.7	2.0	9.5	5.2	-5.6	4.8	4.7	3.6	-4.6	1.9	5.7	8.7
Other Income	0.7	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.7	0.0	—	—	0.1	0.0	0.0	0.0	0.0	0.0	1.1	2.2
Other Profit	-0.0	-0.0	0.1	0.1	-0.1	0.0	0.0	-0.0	0.0	0.0	-1.1	-2.2
Profit Before Tax	-1.7	2.0	9.6	5.3	-5.7	4.8	4.7	3.6	-4.6	1.9	4.6	6.5
Current Income Tax Expense	—	0.6	1.8	—	—	0.9	0.9	0.0	0.0	0.5	1.1	0.6
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-1.7	1.4	7.8	5.3	-5.7	4.0	3.7	3.6	-4.6	1.4	3.5	5.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-1.7	1.4	7.8	5.3	-5.7	4.0	3.7	3.6	-4.6	1.4	3.5	5.8
Earnings per Share	-134.00	114.00	620.00	420.00	-458.00	316.00	300.00	285.00	-370.00	109.00	276.00	468.00
Diluted EPS	-133.52	114.46	620.00	420.20	-458.36	316.36	299.57	285.13	-369.93	109.02	276.42	467.56

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	102.2	133.9	126.1	141.9	102.3	138.2	145.3	166.7	146.7	167.1	156.2	152.2
I. Cash and cash equivalents	3.4	38.5	30.7	34.9	17.0	36.4	43.0	48.9	52.3	56.4	67.9	58.0
1. Cash	3.4	2.5	30.7	14.9	7.0	19.3	20.0	20.2	10.8	5.9	17.9	5.0
2. Cash equivalents	—	36.0	—	20.0	10.0	17.1	23.1	28.7	41.5	50.5	50.0	53.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	12.5	22.8	14.2	38.0	8.1	15.9	35.7	34.5	17.8	22.1	20.0	26.5
1. Short-term trade accounts receivable	5.0	17.8	9.5	32.4	3.3	10.3	21.1	19.8	1.9	12.0	8.6	6.5
2. Short-term prepayments to suppliers	7.5	4.8	4.6	5.5	4.7	5.6	14.5	14.5	15.9	10.0	11.2	20.1
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.1	0.0	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.0
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	86.1	72.3	80.9	68.7	76.9	85.6	66.1	83.2	76.2	88.0	67.5	66.2
1. Inventories	86.1	72.3	80.9	68.7	76.9	85.6	66.1	83.2	76.2	88.0	67.5	66.2
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.2	0.4	0.3	0.2	0.2	0.3	0.4	0.2	0.4	0.6	0.9	1.4
1. Short-term prepayments	0.2	0.4	0.3	0.2	0.2	0.3	0.4	0.2	0.4	0.5	0.8	1.4
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	183.2	187.3	192.0	194.3	192.2	193.4	184.3	183.1	176.2	173.0	167.9	151.1
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	169.6	142.5	147.2	151.3	156.5	159.9	151.6	155.9	160.0	155.1	149.1	129.9
1. Tangible fixed assets	169.6	142.5	147.2	151.3	156.5	159.9	151.6	155.9	160.0	155.1	149.1	129.9
- Cost	646.2	—	—	—	—	611.6	598.2	597.4	596.2	586.2	575.4	551.8
- Accumulated depreciation	-476.7	—	—	—	—	-451.8	-446.5	-441.5	-436.3	-431.1	-426.3	-421.9
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	29.1	28.8	25.8	20.1	15.4	14.3	6.5	0.4	0.4	0.0	2.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	29.1	28.8	25.8	20.1	15.4	14.3	6.5	0.4	0.4	0.0	2.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	13.6	15.7	16.1	17.2	15.6	18.1	18.4	20.7	15.8	17.5	18.8	19.1
1. Long-term prepayments	13.6	15.7	16.1	17.2	15.6	18.1	18.4	20.7	15.8	17.5	18.8	19.1
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	285.4	321.2	318.1	336.2	294.5	331.5	329.6	349.8	322.9	340.1	324.1	303.2
A. LIABILITIES (300=210+330)	103.7	136.1	134.5	160.2	111.4	140.4	142.5	166.3	128.5	141.1	126.4	109.0
I. Short -term liabilities	86.4	116.9	113.5	152.9	103.1	131.2	132.4	155.3	116.6	130.5	122.1	104.2
1. Short-term trade accounts payable	16.3	7.1	18.6	23.6	8.7	8.0	13.4	28.1	11.6	15.9	18.6	10.7
2. Short-term advances from customers	0.2	0.1	0.2	0.1	0.0	0.1	0.1	0.1	1.2	0.0	0.0	0.1
3. Dividends and profits payable	2.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	22.4	33.0	46.1	61.0	18.5	39.9	51.5	34.9	10.8	32.5	57.4	54.7
4. Payable to employees	1.1	1.1	2.6	1.7	0.6	1.1	2.1	1.1	0.7	1.2	2.4	1.3
5. Short-term acrrued expenses	0.3	0.5	4.5	2.5	0.5	2.0	2.6	1.7	0.9	1.4	2.8	1.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	27.9	27.0	33.2	34.2	25.3	23.7	30.6	31.9	21.0	19.6	27.5	32.5
10. Short-term borrowings and financial leases	15.3	47.2	7.3	28.6	48.1	55.6	30.6	55.6	70.2	58.5	12.0	2.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.9	0.9	1.0	1.2	1.4	0.9	1.6	1.9	0.2	1.4	1.4	1.8
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	17.3	19.1	20.9	7.3	8.3	9.2	10.1	11.0	11.9	10.7	4.3	4.8
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	17.3	19.1	20.9	7.3	8.3	9.2	10.1	11.0	11.9	10.7	4.3	4.8
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	181.7	185.1	183.7	175.9	183.2	191.1	187.2	183.4	194.4	199.0	197.7	194.2
I. Owner's equity	181.7	185.1	183.7	175.9	183.2	191.1	187.2	183.4	194.4	199.0	197.7	194.2
1. Owner's capital	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0
- Common stock with voting right	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	23.5	23.5	23.5	23.5	23.5	23.5	23.5	23.5	23.5	23.5	23.5	23.5
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	33.2	36.6	35.1	27.4	34.6	42.6	38.7	34.9	45.9	50.5	49.1	45.7
- Accumulated retained earning at the end of the previous period	36.6	27.9	27.9	27.9	40.4	36.0	36.0	36.0	50.5	45.4	45.4	45.4
- Undistributed earnings in this period	-3.4	8.7	7.3	-0.5	-5.7	6.6	2.7	-1.1	-4.6	5.1	3.7	0.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	285.4	321.2	318.1	336.2	294.5	331.5	329.6	349.8	322.9	340.1	324.1	303.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	-1.7	2.0	9.6	5.3	-5.7	4.8	4.7	3.6	-4.6	1.9	4.6	6.5
Depreciation of Fixed Assets and Investment Property	5.0	5.1	5.1	5.3	5.4	5.2	5.0	5.2	5.2	4.8	4.4	4.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.2	-0.4	-0.5	-0.2	-0.0	-0.3	-0.2	-0.2	-0.4	-0.4	-0.4	-0.1
Interest Expense	0.4	0.5	0.7	0.6	0.6	0.5	0.5	0.6	0.8	0.4	0.2	0.4
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	3.5	7.2	14.8	11.0	0.3	10.3	10.0	9.2	0.9	6.7	8.8	10.8
Increase/(Decrease) in Receivables	11.6	-8.5	24.3	-30.9	6.1	13.5	0.9	-19.0	8.8	-4.5	-1.6	1.5
Increase/(Decrease) in Inventory	-13.8	8.6	-12.1	8.5	8.4	-19.4	17.0	-6.9	11.8	-20.5	-1.3	23.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.9	-35.3	-20.0	69.2	-21.5	-24.9	2.8	58.0	-31.1	-39.6	15.2	56.0
Increase/(Decrease) in Prepaid Expenses	2.3	0.3	1.0	-1.6	2.6	0.4	2.1	-4.7	2.0	1.4	1.0	-0.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.5	-0.4	-0.7	-0.5	-0.7	-0.4	-0.6	-0.6	-0.8	-0.3	-0.2	-0.4
Corporate Income Tax Paid	-0.2	-2.2	0.0	0.0	-0.1	-2.8	1.1	0.0	-0.5	-1.1	-0.6	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.7	-0.1	-0.2	-0.2	-1.6	-0.7	-0.3	-0.2	-1.2	-0.0	-0.4	-0.2
Net Cash Flow from Operating Activities	0.3	-30.4	7.0	55.4	-6.4	-24.1	33.0	35.8	-10.1	-58.0	20.9	90.9
Payments for Fixed Assets and Other Long-term Assets	-2.6	-0.7	-3.5	-5.3	-4.6	-6.9	-10.4	-13.5	-7.3	-6.6	-15.0	-8.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.7	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	0.8	0.0	0.1	0.1	0.2	0.2	0.2	0.4	0.3	0.4	0.1
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1.7	0.2	-3.5	-5.1	-4.5	-6.6	-10.2	-13.2	-6.9	-6.3	-14.6	-8.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	34.5	83.0	106.2	57.0	66.0	95.5	95.0	57.5	68.8	96.7	67.5	43.4
Repayment of Borrowings	-68.2	-44.9	-113.9	-77.4	-74.4	-71.4	-120.9	-73.0	-55.9	-43.8	-58.0	-73.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.1	-0.1	-11.9	—	-0.0	-2.8	-10.5	0.0	-0.0	-6.0	-0.2
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-33.7	38.0	-7.8	-32.3	-8.4	24.1	-28.7	-26.0	12.9	52.9	3.5	-29.9
Net Cash Flow During the Period	-35.1	7.8	-4.2	17.9	-19.3	-6.7	-5.8	-3.4	-4.1	-11.5	9.8	52.7
Cash and Cash Equivalents at Beginning of Period	38.5	30.7	34.9	17.0	36.4	56.4	56.4	56.4	56.4	43.7	43.7	43.7
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.4	38.5	30.7	34.9	17.0	36.4	43.0	48.9	52.3	56.4	67.9	58.0

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BSP

What Is Changing

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Balance Sheet ▼

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Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow